journal entry worksheet\n1 2\nrecord acceptance of a $9,500, 45 - day, 8% note in granting miranda lee a…
journal entry worksheet\n1 2\nrecord acceptance of a $9,500, 45 - day, 8% note in granting miranda lee a time extension on her past - due account receivable.\nnote: enter debits before credits.\ndate general journal debit credit\ndecember 13
Answer
Explanation:
Step1: Identify accounts affected
When accepting a note for an account - receivable, the Notes Receivable account is debited and the Accounts Receivable account is credited.
Step2: Determine debit amount
The face - value of the note is $9,500. So, Notes Receivable is debited for $9,500.
Step3: Determine credit amount
The amount of the past - due accounts receivable is also $9,500. So, Accounts Receivable is credited for $9,500.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| December 13 | Notes Receivable | $9,500 | |
| December 13 | Accounts Receivable | $9,500 |
Answer:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| December 13 | Notes Receivable | $9,500 | |
| December 13 | Accounts Receivable | $9,500 |